The 'Doge-1' lunar mission is scheduled to launch in January. Have you laid out the DRC-20 ecology of DOGE?

TD; LR

Regardless of what people think of Doge, it’s now among the top cryptocurrencies by market capitalization, and while it’s off the beaten track and hasn’t built any apps or ecos, there’s always a way for Doge to get out of the loop.

After receiving crucial approval from the National Telecommunications and Information Administration (NTIA), the moon mission in the DOGE-funded program is one step closer to launch. With the addition of the pursuit of the Inion Craze by launching the DRC-20 standard, is DOGE really going to the moon this time?

What is DRC-20

DRC-20 is designed for Dogecoin Token standard designed for blockchain platforms. DRC-20 tokens are interoperable with other popular token standards such as ERC-20, with a minting process similar to BRC-20, but supporting Dogecoin wallets and compatible with dApps on the Dogecoin chain.

The uniqueness of DRC-20 lies in its support for smart contracts and the use of the more secure Keccak-256 encryption algorithm. The minting process of DRC-20 is simple and anyone can create it. Before creating DRC-20 tokens, developers need to ‘mint’ a new smart contract and specify some basic elements such as the token name, total supply, and underlying stock code. Once created, the token will have a unique smart contract address.

Meanwhile, the DRC-20 minting cost is very low, fixed at 0.1 DOGE. Based on the current DOGE/USD price, developers only need to pay less than 0.01 USD to launch a new application.

Because of the simple minting, there are currently more than 1400 DRC-20 tokens, but most of them have no value or trading volume; regarding the token eco of DRC-20, the first DRC-20 token is $DOGI, and currently, the maximum supply of $DOGI is 21,000,000 US dollars, with a market value of about $38 million, ranking first among drc-20 tokens.

Another popular DRC20 token is FIWB, launched in December 2023. The development goal of FIWB is to provide utility rather than just being a memecoin. It can be used to pay for goods and services on the Doge blockchain and also earn rewards through participation in staking or liquidity pools.

Its burning mechanism ensures that the supply of FIWB tokens decreases over time, thereby increasing the scarcity and value of the token. Currently, FIWB is the DRC-20 token with the most holding addresses.

The potential and limitations of DRC-20

Since its inception in 2013, DOGE, although with a very large market value, is almost just a memecoin, lacking any other use. Now, DOGE can support decentralized applications, smart contracts, and its own DRC-20 token standard, enabling developers to build their projects on the DOGE network.

At this stage, there are still few applications on the network. However, with more and more developers understanding the DRC-20 standard, and the huge market value and holdings attached to Dogecoin itself, the starting point of DRC-20 is quite good. Now investors in DRC-20 also value these first-mover advantages.

However, correspondingly, DRC-20 tokens are very immature, with few exchanges supporting their transactions, which is also a potential risk for investors. The DRC-20 eco is too new and too primitive, and wallets, DeFi protocols, and other core services are not yet catching up. Everything is still waiting for more participants to join the construction.

By the way, you can currently trade $DOGE on Gate.io.

summary

At present, it seems that DRC-20 does not have enough distinctive points to stand out in an inion, and most of the “xrc-20” are still close and homogeneous.

However, looking at the huge user base of the Doge community, we also have no doubts about their innovative ability. There are also many people who hold the attitude of “trying it out since the cost is so low”, just like the moon rock fragments brought back by the “Doge Rocket” in the DRC NFT. Perhaps DRC-20 can also ride on this rocket and bring surprises to everyone.